Australia Boosts Green Bank Funding to Accelerate Renewable Energy Transition

The Australian government has announced a €1.2 billion ($2 billion AUD) increase in funding for its Green Bank, aimed at accelerating the country’s transition to renewable energy. Prime Minister Anthony Albanese emphasized that this investment is crucial for building a sustainable future for Australia.

The additional funds will be allocated to the Clean Energy Finance Corporation (CEFC), the country’s public green investment body. Albanese stated that the investment is expected to generate up to €6 billion ($6 billion AUD) in private investments. The boost will raise the CEFC’s total investment capacity to €31.1 billion ($32.5 billion AUD), marking the first increase since the corporation’s creation in 2012.

This funding surge aligns with Australia’s broader climate goals. The country, one of the world’s largest per capita carbon emitters, has committed to achieving net-zero carbon emissions by 2050. As part of this initiative, the Australian government is focused on reducing its reliance on coal and rapidly expanding its renewable energy sector.